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Bond Wrap: U.S. Treasuries good start in 2023 with gains across the curve. General growth concerns the catalyst
Yields
2-yr: -5 bps to 4.37%
3-yr: -7 bps to 4.17%
5-yr: -6 bps to 3.94%
10-yr: -10 bps to 3.78%
30-yr: -10 bps to 3.87%Number of sub-50.0 PMI readings (the dividing line between expansion and contraction).
December Manufacturing PMI reports out of Asia and Europe. Falling energy prices, a stronger dollar, and some improved inflation data out of Germany helped the back end of the curve outperform.
The U.S. Dollar Index was up 1.1% to 104.53.
Wednesday’s session will feature the December ISM Manufacturing Index, the JOLTS – Job Openings Report for November, and the release of the FOMC Minutes for the December 13-14 meeting, all of which will feed expectations about the future path of the Fed’s monetary policy.
U.S. Treasuries closed out the first week of 2023 in beastly form Friday following the December jobs report average hourly earnings growth moderating
[See the full post at: Bond Traders Weekly Outlook: Treasuries Soar on Soft Data Ahead of CPI and Powell]
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